MF holding %

9.31

Institutional holding %

32.85

Sun Pharmaceutical Industries Ltd. share price forecast

The 42 reports from 18 analysts offering long term price targets
for Sun Pharmaceutical Industries Ltd. have an average target of 576.77. The consensus estimate
represents an upside of 38.51%
from the last price of 416.40.

Sun Pharma Advanced Research Company (SPARC) is a clinical-stage biopharmaceutical company focused on continuously improving standards of care for patients globally, through innovation in therapeutics and delivery....

Sun Pharmaceutical Industries (SPIL) is India's largest and the world's fifth-largest generic pharmaceutical company. We initiate coverage on SPIL with a Buy rating and a target price of Rs581 (20x FY21E EPS) and estimated revenue and EPS CAGR of 12% and 47%, respectively. We expect US$600mn in incremental sales from new product launches in the specialty pharmaceutical space, primarily driven by Cequa and Ilumya. Subsidiary Taro Pharmaceuticals' earnings are expected to decline by 9% CAGR driven by rising competitive intensity. Rest of the US business for SPIL (excluding Taro Pharmaceuticals and Dusa Pharmaceuticals) should start growing as 123 ANDAs...

For 3QFY2019, Sun Pharma posted robust numbers. For the quarter, the sales came in at `7,657cr v/s. `6,598cr in 3QFY2018, registering a yoy growth of 16.0%. India sales at `2,235cr, were up by 7%, while US finished dosage sales at US$362mn up 10% yoy V/s 3QFY2018. On the OPM front, the gross margins came in

Global yields fell as crude prices edged below US$ 60/bbl and US Fed turned dovish. Anticipated positive outcome of the US-China trade talks further supported the markets. Global equity markets went up, but Europe and China under-performed. Notably, Chinese economy slowed down further in the month. Even India's growth moderated to 7.1% in Q2FY19 (8.2% in Q1FY19) as consumers cut down on spending. Manufacturing growth also decelerated....

The management of Sun Pharma conducted a conference call to address apprehension among investors after a recent publication by a brokerage regarding so called corporate governance issues and a complaint filed by a whistleblower with Sebi highlighting so called wrongdoings in the company. While the first issue was addressed with a case by case analysis, question marks remain over the whistleblower's complaint for want of management action plan as the management awaits Sebi...

Sun Pharma

Sharekhan

business of Sun Pharma is routed via Aditya Medisales Limited (AML), which became a related party in FY2018 due to shareholding consolidation; it was not a related party prior to that. The company disclosed financials of Aditya Medisales for FY2018 and said that the current structure was implemented as it resulted in tax saving before GST implementation. The...

Adjusted net profit for Q2FY19 was at Rs. 996 crores with resulting adjusted net profit margin at 14.5%. After accounting for the provision of Rs. 1,214 crores for the estimated settlement amount payable to all the remaining plaintiffs related to the Modafinil antitrust litigation in the US, the net loss for the quarter was at Rs.219 crores. India Business Market Leadership Sale of branded formulations in India for Q2FY19 was Rs. 1,860 crores, down by 16% mainly due to a planned one-time inventory reduction in the supply chain coupled with a higher base of...

Maintain BUY rating with a TP of Rs 670 (25x Sep'20E + Rs 40/sh option value for specialty). With the provision for Modafinil litigation liability to the tune of Rs 12bn, Sun Pharma (SUNP) reported a loss of Rs 2.2bn in 2QFY19. However, adjusted PAT at Rs 9.96bn was still 8% below our estimates due to a similar miss on top line. The inventory correction exercise resulted into a 16% fall in India revenues, along with slower than expected growth in the US (up 21%YoY) which led to 4%YoY revenue growth in 2QFY19 (8% miss).

13 November 2018 primarily attributable to de-growth in domestic business (~28% of sales) on the back of one-time inventory reduction in supply chain. US business (~36% of sales) grew by a healthy ~11% YoY in constant currency. Gross margin improved by ~280bp YoY (+380bp QoQ) to 74.3%, largely due to lower COGS for Taro and write-back of certain provisions taken earlier. EBITDA margin expanded by ~110bp YoY (-30bp QoQ) to 21%. SUNP reported a loss of INR2.2b during the quarter due to one-time provision of INR12.1b related to the Modafinil anti-trust litigation. The initial off-take of the recently launched Illumya (Tildrakizumab) has been encouraging, especially considering intense competition in the US. Tildrakizumab would also be soon commercialized in Europe, with sales gradually ramping up in EU countries. Operating cost toward expansion in field force for specialty products is being incurred, which would further increase with the launch of more such products particularly Sequa and Xelpros in the coming quarters.

Sun Pharmaceutical Industries (SPIL) has received the US Food and Drug Administration or USFDA's approval for Xelpros - a novel drug formulation of Xalatan (latanoprost) - the most widely prescribed treatment for Glaucoma. Xalatan and its generics which belong to class of drugs called prostaglandin analogue have a 36% prescription share. Prior to genericisation, Xalatan generated peak sales of $650mn in the US. Glaucoma is a condition in which pressure in the eyes (intraocular) remains above normal. Xalatan's patents have expired and there are multiple generic options. Xelpros is different from Xalatan...

Sun Pharma

Centrum Broking

We maintain our Hold rating on Sun Pharma (SPIL) with TP of Rs580 (earlier Rs580) based on 26x March'20E EPS of Rs22.4. SPIL has developed a strong pipeline of specialty products for the US. It has received US FDA approval for Xelpros used in the treatment of glaucoma and ocular hypertension. We expect $22mn (Rs1.58bn) revenues from Xelpros in FY20. Key upside risks to our assumption include higher revenues from the US market and key downside risk includes regulatory risks for...